STX Offshore & Shipbuilding has been rebranded as K Shipbuilding under a new ownership after its creditors terminated the creditor management of the midsized shipyard on Tuesday.
Shipbuilders have hit 70 percent of their targets for orders this year, but earnings are not living up to expectations.
Global ship orders hit a seven-year high in the first half, with Korea coming in second behind China in terms of orders received, according to Clarksons Research data.
Korea Shipbuilding & Offshore Engineering announced Monday that it has inked deals to build six ships worth 837 billion won ($738 million).
Shipbuilders have received far more orders so far this year than they did last year.
Korea Shipbuilding & Offshore Engineering (KSOE) said Monday that it has signed deals worth 348 billion won ($308 million) to build six ships.
Korean shipbuilders lost their No. 1 ranking to Chinese rivals in terms of new orders in April, nine months after taking the top spot since July.
The number of contracts for ship purchases so far this year have surged as the global economy starts to recover and demand for eco-friendly ships increases.
Hyundai Heavy Industries demonstrates its artificial intelligence (AI)-operated safety management system for ships.
Korea Shipbuilding & Offshore Engineering (KSOE) said Tuesday it has clinched a 120 billion-won ($107 million) order to build two liquefied petroleum gas (LPG) carriers.